BPCL, ONGC shares gain on Mozambique asset hopes

Tags: Companies
Shares of Bharat Petroleum Corp Ltd (BPCL) gain 1.3 percent while Oil and Natural Gas Corp Ltd is up 0.42 percent after Anadarko Petroleum Corp on Monday raised its reserve estimates for a Mozambique asset where the two Indian energy companies own stakes.

Anadarko revised the total estimated recoverable resources from its Offshore Area 1 (Rovuma basin) to a range of 50 to 70-plus trillion cubic feet of natural gas from 45-70 plus tcf earlier.

BPCL holds 10 percent in the Mozambique asset, while ONGC holds 16 percent. ONGC Videsh has 4 percent.

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